Microsoft's annual dividend grew from its initial level of $0.32 per share in 2003 to its most current level in 2018 of $1.84 per share. What was the annual rate of growth of the company's dividend over this 15 year period?

The answer is The annual growth rate of dividend = 12.36848433%

Explanation:

The annual growth rate of dividend = (Div in 2018 / Div in 2003) ^ (1/15) - 1

The annual growth rate of dividend = (1.84/0.32) ^ (1/15) - 1

The annual growth rate of dividend = 0.1236848433

The annual growth rate of dividend = 12.36848433%